Governor Armstrong has declared October as “Employee Ownership Month.”
It celebrates companies that are employee-owned.
A special event was held at the state Capitol in Bismarck Thursday to mark the occasion.
Former Lt. Governor Tammy Miller is the retired CEO of Fargo-based Border States Electric. She said there are just under 65 "ESOP" companies in North Dakota — ESOP standing for "Employee Stock Ownership Plan."
"That's a form of business ownership where working employees share in the benefits of the company's growth and success," Miller said.
Miller worked at Border States for 29 years. She said the employee-owned companies are great for the employees, great for business and great for communities.
"Businesses grow 2.5 percent faster when they are employee-owned," Miller said. "They're more resilient, they have fewer layoffs during economic downturns, and they have 30 to 50 percent lower voluntary turnover."
Miller said they are also a great succession plan for “baby boomers.” She said half the businesses in North Dakota are owned by baby boomers.
"Employees who are part of an employee-owned company have an average of two-and-a-half times more money in their retirement account," Miller said. She also said the companies are very generous in giving back to their communities.
"So, what we're trying to do is help create more awareness, promote employee ownership, and give more employees the opportunity to work for a company they own, and to share in the wealth they help create," Miller said. "It's the American dream."
